Business
Ivanhoe Mines Issues Second Quarter 2023 Financial Results, and Review of Construction and Exploration Activities
Kamoa-Kakula Copper Complex sold 101,526 tonnes of payable copper in Q2 2023 and recognized recor...
About this update from Ivanhoe Mines Ltd. Class A
[{"type":"text","content":"Ivanhoe Mines Issues Second Quarter 2023 Financial Results, and Review of Construction and Exploration ActivitiesKamoa-Kakula Copper Complex sold 101,526 tonnes of payable copper in Q2 2023 and recognized record quarterly revenue of $702 million and EBITDA of $457 millionIvanhoe Mines recorded Adjusted EBITDA of $172 million for Q2 2023, compared with $101 million for the same period in 2022Ivanhoe Mines recorded a quarterly profit of $87 million, driven by income from the Kamoa-Kakula joint venture of $123 millionKamoa-Kakula's quarterly cost of sales total $1.24 per lb. of payable copper; C1 cash costs of $1.41 per lb. at the lower end of guidanceIvanhoe Mines announces significant preliminary testwork for improving copper recoveries at Kamoa-KakulaPlatreef progressing well towards Q3 2024 start-up; over 2,000 metres underground development completedIvanhoe Mines welcomes the inclusion of copper on the 2023 U.S. Department of Energy Critical Minerals List Johannesburg, South Africa--(Newsfile Corp. - August 3, 2023) - Ivanhoe Mines' (TSX: IVN) (OTCQX: IVPAF) President Marna Cloete and Chief Financial Officer David van Heerden are pleased to present the company's financial results for the three and six months ended June 30, 2023. Ivanhoe Mines is a leading Canadian mining company developing and operating its four principal mining and exploration projects in Southern Africa: expanding the operations of the world-class Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC); building the tier-one Platreef palladium, rhodium, nickel, platinum, copper and gold development in South Africa; restarting the historic, ultra-high-grade Kipushi zinc-copper-lead-germanium mine in the DRC; as well as exploring the expansive exploration licences of Ivanhoe's Western Foreland for copper discoveries adjacent to Kamoa-Kakula. All figures are in U.S. dollars unless otherwise stated.Watch an August 2023 video highlighting Ivanhoe Mines' construction and exploration activities: https://vimeo.com/850838953/163436ff95 https://vimeo.com/850838953/163436ff95FINANCIAL HIGHLIGHTSIvanhoe Mines recorded a profit of $87 million for Q2 2023, net of a $27 million non-cash loss on the $575 million convertible bond fair valuation, compared with a profit of $82 million for Q1 2023. The profit in the quarter includes Ivanhoe Mines' share ...